Reaction to Union Budget 2019 | Hero Electric

Below is a quote on Union Budget 2019 from Mr. Naveen Munjal, Managing Director of Hero Electric

“The electric vehicle industry needed a substantial boost & support from the government and we welcome the government’s recommendation of reduction of GST on EVs from 12% to 5%. In addition to this, income tax reduction of up to Rs 1.5 lakh on the interest paid on EV loans is an extremely positive move which will encourage customers to make a switch from ICE vehicles to EVs. Reduction in custom duty on lithium-ion cells would help local component manufacturers in scaling up the production thereby further reducing the overall upfront cost of electric vehicles in India. Government’s continued emphasis on FAME II initiative and strengthening of EV infrastructure will definitely encourage manufacturers to further invest in the ecosystem thereby lowering both crude oil imports and air pollution leading to a cleaner and greener future.

We are confident that such directives will boost up the rate of EV adoption in the country and will act as a catalyst in the government’s aim of  faster adoption of electric vehicles and higher level of localization under the ‘Make In India’ initiative.”